SIE practice questionmediumTenants in Common
In a tenants in common (TIC) account, which statement is TRUE?
- AUpon death, a tenant's share passes to the surviving tenants
- BEach tenant may own different percentages, and upon death their share passes to their estate✓ Correct answer
- CEach tenant must own an equal share of the account
- DThe account can only have two owners
Explanation
Why B — Each tenant may own different percentages, and upon death their share passes to their estate
In a tenants-in-common account, each owner may hold different percentages of the account. When a tenant dies, that tenant's share does not pass automatically to the surviving tenants; it goes to the deceased tenant's estate or heirs. There is no requirement that all shares be equal, and the account is not limited to two owners.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,867+ SIE questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Account Types questions
- A Transfer on Death (TOD) designation on a brokerage account allows:
- A trust account at a brokerage firm is managed by a:
- What is the maximum annual contribution to a traditional IRA for an individual under age 50 (2026)?
- In a joint tenants with right of survivorship (JTWROS) account, what happens when one account holder dies?
- Which of the following is a key difference between a traditional IRA and a Roth IRA?
- Under UGMA/UTMA, who is the legal owner of assets in a custodial account?
- Under FINRA rules, when a customer requests a transfer of their brokerage account via ACATS, the delivering firm must…
- In a cash account, an investor must: